Page 16 - WhitePaper_MC&I Benchmark in Covid19 Era

These severe economic losses and disproportionate health impacts have long-term
consequences for consumers. For those who experience disproportionate effects, there may
also be consequences for “intergenerational wealth creation.” As these consumers navigate
this crisis, they have lost wealth and savings, which leads to great economic instability and
uncertainty.

SOCIAL INEQUITIES AND RACISM
In addition to economic consequences, the pandemic has also led to unique social consequences
for consumers. One important dimension of the social environment has been increased racism
and discrimination. Specifi cally, Asians are being targeted and excluded, and have become
victims of racist language and xenophobia.

Also, of important note, are the issues of systemic racism affecting the Black community and
communities of color. The wide realization that these acts are continuously occurring has come
to the forefront, subsequent to this study being conducted. This has led to increased attention
to systemic racism within the marketing and advertising industry itself. Marketers and brands
are increasingly feeling pressure to address such issues within their internal structures and in
their external marketing efforts. AIMM’s responses/actions/plans for itself and the industry will
be further outlined in Section VIII.

FEAR AND INSTABILITY
Overall, with such great uncertainty, consumers are experiencing unprecedented levels
of instability and fear. Outside of economic uncertainties, there are a vast number of other
uncertainties for the future, and consumers are unsure of the scope and duration of the
pandemic’s effect on their lives. For businesses and consumers alike, there is great uncertainty
about “what added risks, costs, and sacrifi ces the future will bring,” including effects of the
pandemic on health and wellness, quality of life, planned purchases, relationships, children’s
education, traveling, vacations, family events, caretaking, access to information, access to
voting, etc.

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